The New York Times: President Barack Obama will nominate White House chief of staff Jack Lew as his next Treasury secretary on Thursday, replacing Timothy Geithner, according to a source familiar with the matter.

Lew had been widely expected to be tapped for the role. He has served as budget director for Obama and for former President Bill Clinton.

The 57-year old policy wonk, who was a State Department deputy early in Obama’s first term, will have to confront a host of tricky economic topics if he wins Senate confirmation, ranging from how best to scale back the government’s role in the housing market to how to respond to China’s growing economic heft.

The White House sees Lew as well-placed to guide U.S. economic policy domestically and internationally after experience as a member of the executive branch and as a congressional staffer.

Lew helped lead budget talks with Congress under Clinton and spearheaded the “Budget Control Act” negotiations under Obama.